Ceylon Leather records solid growth

Ceylon Leather Products PLC saw group turnover increase by 106 percent resulting in a massive net profit growth of 533 percent for the nine months period ending December 31, 2010, interim financial results filed with the Colombo Stock Exchange showed.

Net profits grew 533 percent to Rs. 107.2 million from Rs. 16.9 million a year earlier. Revenue grew 106 percent to Rs. 868.3 million from Rs. 420.6 million.

Gross profits increased by 102 percent to Rs. 248.7 million.

The company slashed its distribution costs by 92 percent to Rs. 67.8 million and administrative costs fell 59 percent to Rs. 55.3 million during the nine month period under review.

Finance costs grew 15 percent to Rs. 27 million while finance income grew an absurd 32,429 percent to Rs. 2.2 million from just Rs. 7,000 a year earlier.

The made a healthy capital gain of Rs. 16.4 million from the sale of a 47.9 stake in an associate company, the financial report showed.

source - www.island.lk